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Biscayne's Housing Market: Rising Home Values and Shifting Ownership in a Dynamic Jacksonville Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Biscayne, a neighborhood in Jacksonville, Florida, has experienced significant changes in its housing market over the past decade. This vibrant community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Biscayne has shown notable variations from 2013 to 2022. In 2013, 58% of residents owned their homes. This percentage increased to a peak of 63% in 2015 before declining to 50% in 2022. Concurrently, average home prices in the neighborhood have demonstrated a consistent upward trend. In 2013, the average home price was $124,265, which more than doubled to $302,912 by 2022, representing a substantial 144% increase over this period.
The relationship between federal interest rates and homeownership rates in Biscayne shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively high, peaking at 63% in 2015. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a general downward trend, falling to 50% by 2022. This pattern aligns with the principle that lower interest rates typically encourage homeownership due to more affordable financing options.
Renter percentages in Biscayne have inversely mirrored homeownership trends, increasing from 37% in 2015 to 50% in 2022. Average rent prices have also seen significant growth, particularly in recent years. In 2013, the average rent was $437, which remained relatively stable until 2019 when it was $532. However, there was a dramatic increase to $1,104 in 2020, further rising to $1,307 by 2022. This represents a 199% increase in average rent from 2013 to 2022. The sharp rise in rent prices coincides with a growing population, which increased from 3,762 in 2013 to 5,055 in 2022, potentially contributing to increased housing demand and higher rents.
As of 2024, the average home price in Biscayne stands at $308,456, showing a continued upward trend from previous years. The federal interest rate for 2024 is 5.33%, which is significantly higher than the rates seen in the past decade. This increase in interest rates could potentially impact homeownership rates and housing affordability in the coming years.
Looking ahead, predictive models suggest that average home prices in Biscayne may continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and housing demand. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply catches up with demand.
In summary, Biscayne has experienced a shift towards a more balanced mix of homeowners and renters over the past decade, with homeownership rates declining from their mid-2010s peak. Average home prices have shown robust growth, more than doubling since 2013. Rent prices have also increased significantly, particularly since 2020. These trends, coupled with population growth and changing interest rates, paint a picture of a dynamic housing market in Biscayne, with potential for continued evolution in the coming years.
